What's the best time of year to sign long-term leases in Manhattan?
July 29, 2010 8:09 AM Subscribe
What's the best time of year to sign long-term leases in Manhattan?
Note: this is slightly different from asking when I should start looking for housing (4-6 weeks early, according to previous threads).
My future roommates and I all have month-to-month sublets and planned to sign a long-term lease starting September 1, which is--as we were told--a big signing date. I was informed today by an acquaintance, however, that prices tend to drop the further you get from summer.
Is this true? How does price vs. availability vary in, say, October or November?
Note: this is slightly different from asking when I should start looking for housing (4-6 weeks early, according to previous threads).
My future roommates and I all have month-to-month sublets and planned to sign a long-term lease starting September 1, which is--as we were told--a big signing date. I was informed today by an acquaintance, however, that prices tend to drop the further you get from summer.
Is this true? How does price vs. availability vary in, say, October or November?
September 1 seems to be the most expensive time to sign an apartment, from personal anecdotal evidence.
posted by roomthreeseventeen at 8:17 AM on July 29, 2010
posted by roomthreeseventeen at 8:17 AM on July 29, 2010
Best answer: My experience with yearlong leases in NYC is that there's a lot more competition for housing in the summer/late summer. When I moved last December, I was surprised to see listings that lasted more than a week or two--unheard of in my previous (June, July, and August) move months. Of course, there were also noticeably fewer listings during that time.
In general there probably is more price flexibility in non-peak months, but it's also highly dependent on where you're looking to live. Some areas of the city are always going to be prime real estate, and there'll always be someone looking to move in. Honestly I don't think list prices going are to be much different, but the relatively-lower number of applicants in the off-summer months may a) make it easier to negotiate rent; and b) may save you from that painful cycle of having to plunk down a deposit within an hour of seeing an apartment to have any chance of securing it.
posted by alleycat01 at 8:21 AM on July 29, 2010
In general there probably is more price flexibility in non-peak months, but it's also highly dependent on where you're looking to live. Some areas of the city are always going to be prime real estate, and there'll always be someone looking to move in. Honestly I don't think list prices going are to be much different, but the relatively-lower number of applicants in the off-summer months may a) make it easier to negotiate rent; and b) may save you from that painful cycle of having to plunk down a deposit within an hour of seeing an apartment to have any chance of securing it.
posted by alleycat01 at 8:21 AM on July 29, 2010
I live in Philadelphia, and the best time to sign a lease here is probably January, February, or March. Late summer/early fall are huge as far as students are concerned, so it's both harder to find cheap rent and a more competitive market, period. I don't know if Manhattan's market is similar. I've been able to negotiate things in early March (pets, lower rent, etc) that I don't think I'd ever swing during any other time.
posted by two lights above the sea at 8:23 AM on July 29, 2010
posted by two lights above the sea at 8:23 AM on July 29, 2010
The market is finally back on an uptick, so don't look for huge drops once you get past September 1. September is a big deadline but so is RIGHT NOW.
What you'll find in November and December is less competition, but also far less inventory.
You're not going to save money by signing on October 1 vs September 1, if that's what you're looking for. And all of this is less relevant if you're moving into a unit managed by a large concern vs a private landlord with a few units. Those people will deal in the winter to get the unit off the market quicker.
posted by micawber at 8:23 AM on July 29, 2010
What you'll find in November and December is less competition, but also far less inventory.
You're not going to save money by signing on October 1 vs September 1, if that's what you're looking for. And all of this is less relevant if you're moving into a unit managed by a large concern vs a private landlord with a few units. Those people will deal in the winter to get the unit off the market quicker.
posted by micawber at 8:23 AM on July 29, 2010
It's New York City. If you find something you like and which works with all your various criteria, just take it. I don't think prices vary all that much between, say, September and October, and obviously you don't want to wait till January to get settled in. Just do it.
posted by Sara C. at 8:29 AM on July 29, 2010
posted by Sara C. at 8:29 AM on July 29, 2010
Best answer: It depends on what constitutes "best" to you. If it's cost alone, then you should check out the Manhattan Rental Market Report, which tracks the going rate for various sized apartments (studio/1BR/2BR) in each neighborhood. If you look at historical data, apartments are a couple hundred dollars cheaper December to March, though the improvement of the economy may negate that for the coming winter. And looking at their data, some neighborhoods are impacted more/less by this trend, so you can see how your target neighborhood has historically been affected.
Anecdotally, open houses at the end of the summer were always packed (which meant a. demand, and therefore the price, was up and b. you had to be ready to pull the trigger within 5 minutes of walking into a place), while I found that I had a little more time to decide while looking in the winter. And having moved in a blizzard in 2008, I can verify that it does suck, but I smile every time I write my rent check for less than my apartment would have gone for in the summer. And it's better to be hot and sweaty in February than in 90* heat.
posted by weelittlemaggie at 2:09 PM on July 29, 2010
Anecdotally, open houses at the end of the summer were always packed (which meant a. demand, and therefore the price, was up and b. you had to be ready to pull the trigger within 5 minutes of walking into a place), while I found that I had a little more time to decide while looking in the winter. And having moved in a blizzard in 2008, I can verify that it does suck, but I smile every time I write my rent check for less than my apartment would have gone for in the summer. And it's better to be hot and sweaty in February than in 90* heat.
posted by weelittlemaggie at 2:09 PM on July 29, 2010
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posted by JPD at 8:15 AM on July 29, 2010 [1 favorite]